Information on the Closing of the Value Plus Fund

Effective May 16, 2011, the Heartland Value Plus Fund closed to certain new investors.

The closing is intended to promote long-term investments in the Fund, thereby contributing to a more stable asset base and the continued efficient management of the Fund. This decision was made after considering the current size of the Fund and the availability of common stocks of smaller companies that meet the Fund’s investment criteria.

If you were a shareholder in the Fund prior to May 16, 2011, you may make additional investments in the Fund and reinvest your dividends and capital gain distributions, even though the Fund has closed.

Notwithstanding the closing of the Fund, individual investors may open a new account in the Fund if that account meets the Fund's other criteria (for example, minimum initial investment) and:

• You are already a shareholder either in your own name or as beneficial owner of shares held in someone else's name.  For example, someone holding shares for your benefit as a nominee, custodian or omnibus account may not open a new account for its own benefit or for the benefit of another customer.  However, you would be eligible to open a new account in your own name;

• You are a shareholder with combined balances of $100,000 in any of the Heartland Funds, regardless of whether you hold those shares in your own name or as the beneficial owner of shares held in someone else's name;

• You receive shares of the Fund as a gift from an existing shareholder of the Fund;

• You are opening a traditional or Roth IRA account;

• You are opening a trust account;

• You are a client of Heartland Advisors or you have an existing business relationship with Heartland Advisors and, in the judgment of Heartland Advisors, your investment in the Fund would not adversely affect Heartland Advisors’ ability to manage the Fund effectively; 

Call a Shareholder Services Representative directly at 1-800-432-7856 if you have questions about your eligibility to invest in the Value Plus Fund.

If you are a Financial Professional considering the Value Plus Fund for clients, additional information of the Fund is available pertaining to your use.